Backing Mechanism

USDh is fully backed by BTC and issued natively on Runes and Stacks.

Attestations

Hermetica publishes monthly custodian attestations that detail the protocol's assets and liabilities:

• January 2025

Assets

Custodians

The BTC assets backing the protocol are securely held in institutional-grade custodians. All assets used to margin trades are stored in the off-exchange settlement solutions of Copper (Clearloop) and Ceffu (MirrorX) .

The custodians deposit addresses show the protocol inflows from minting transactions:

• Ceffu 1: 141Pg9KB1fLgqY3vTABhrKoKyQDD7jjj9a

• Ceffu 2: 16GCfT1bnJR6yZy5uZiBKDAc4HMyF2e9dS

• Copper: bc1qag4ur2guhalkl8hxx6uy9v0pq4e3l2sxlst9v5

Liabilities

Runes

The Runes protocol requires the entire token supply to be defined in the initial etching transaction. Both USDh and sUSDh have a total supply of 1 quadrillion tokens, stored in the protocol's reserve. Tokens enter circulation through minting and staking.

The circulating supply is verifiable on-chain by subtracting the tokens held in the reserve and protocol wallets from the total supply: Circulating supply = 1 quadrillion - reserve wallet - protocol wallets

USDh & sUSDh Runes Protocol Wallets and Token Etchings

Protocol Wallets

• Reserve Wallet: bc1q24t48s4lyks0309u9arqtqcrj5txc73pf6xfuxcfdgznz92wewvs8lr8re

• Protocol Wallet 1: bc1ppd9xd0dgnt88wfxv4fudy407y4mvq8ar62r5xw9yrlzsfxxcr96sskfd2w

• Protocol Wallet 2: bc1p7s7qa93gckae09lmvxpqm6j7xeva6a0pstu53397s7te86jeygxss0f0a4

Token Etchings

• USDh Token Etching: USDH•USDH•USDH•USDH

• sUSDH Token Etching: SUSDH•SUSDH•SUSDH•SUSDH

Stacks

USDh token contract: SPN5AKG35QZSK2M8GAMR4AFX45659RJHDW353HSG.usdh-token-v1

The circulating supply is verifiable on-chain by calling the get-total-supply method in the USDh token contract.

On the block explorer the get-total-supply function can be called under the Available functions tab to independently verify USDh's circulating supply on Stacks.